12:30 PM EDT, 05/31/2024 (MT Newswires) -- US equity indexes traded mixed Friday as growth sectors such as technology slumped after the Federal Reserve's preferred inflation gauge for April showed price pressures were in line with market expectations.

The Nasdaq Composite fell 1.3% to 16,516.1, and the S&P 500 declined 0.6% to 5,205.2. The Dow Jones Industrial Average, however, rose 0.1% to 38,148.3. Energy, healthcare, and real estate led the gainers. The communication services and consumer discretionary sectors were the steepest decliners besides technology.

In economic news, the personal consumption and expenditures price index rose 0.3% for a third consecutive month in April, meeting expectations. The year-over-year rate remained at 2.7%, in line with forecast. The core PCE price index grew 0.2%, in line with expectations, following a 0.3% gain in March. The year-over-year rate remained at 2.8% for the third consecutive month, also matching market expectations.

"While April's inflation numbers are headed in the right direction once again, Fed governors are likely to continue their exercise in patience, with the first rate cut occurring closer to the end of the year," TD Economics said in a note.

The US 10-year Treasury yield fell 4.4 basis points to 4.51%. The two-year yield declined four basis points to 4.89%.

West Texas Intermediate crude oil fell 1.4% to $76.87 a barrel.

In company news, Zscaler ( ZS ) shares jumped 4.6% intraday, among the top performers on the Nasdaq, after the company overnight reported a stronger-the-expected surge in fiscal Q3 earnings and sales while raising its full-year outlook.

The steepest decliner on the tech-heavy index was MongoDB ( MDB ) , with shares sinking 24% after the company overnight cut its guidance for the full financial year.